Loja Real Estate has acquired The Shops at Waterford, a Safeway-anchored shopping center in Dublin, Calif., for $44 million through a new fund that aims to invest $300 million in grocery-anchored retail properties in high-barrier markets. "This property is exemplary of the type of property we will seek to acquire in similar markets in the West," says Tom Engberg, CEO of Loja Real Estate.
The Provo Group and its partners who own Evergreen Plaza mall on Chicago's South Side are seeking to sell or redevelop the 1950s-era property into a more upscale, open-air center. Evergreen Plaza is one of the few centers that caters to blacks, but it has been suffering since Montgomery Ward closed in 2001.
Experts on a panel at the Deutsche Bank 2008 Real Estate Outlook Conference Friday tried to debunk the published reports that retail is in trouble. A reduction in the growth of consumer spending is likely but sales remain on the rise, they said. Any mall store closures will be an opportunity to bring in new concept stores that want to be in malls.